However, you can withdraw money from your traditional or Roth IRA before reaching age 59½ without paying the 10% additional tax to pay forqualified higher education expensesfor yourself, your spouse, or your children or grandchildren in the year the withdrawal is made. Thewaiver...
If you have not already done so, consider making your annual exclusion gifts to your beneficiaries before the end of the year. For 2023, you are allowed to make tax-free gifts of up to $17,000 per year, per individual ($34,000 if you are married and use a gift-splitting election, ...
Interested in helping your children or grandchildren cover the ever-increasing cost of college or private school tuition? Consider giving gifts through a529 education savings plan. Money in such a plan grows tax-free, and you pay not taxes on withdrawals, if used for qualified education expenses...
If you have children or grandchildren, you’d be doing them a huge favor by saving your refund in a college fund for their benefit. Setting up a 529 plan can help them afford a higher education in an era where rising costs leave many saddled with massive debt along with the diploma. ...
Clients typically execute a will or create a trust with their financial advisor and assume that all their assets, including retirement accounts and insurance policy proceeds, will pass to the heirs named in their will, such as their children or grandchildren. However, retirement accounts, including...
Clients typically execute a will or create a trust with their financial advisor and assume that all their assets, including retirement accounts and insurance policy proceeds, will pass to the heirs named in their will, such as their children or grandchildren. However, retirement accounts, including...
Clients typically execute a will or create a trust with their financial advisor and assume that all their assets, including retirement accounts and insurance policy proceeds, will pass to the heirs named in their will, such as their children or grandchildren. However, retirement accounts, including...
Will the new increased tax thresholds be applicable for their children and grandchildren? – Gillian A: The new capital acquisitions tax (CAT) thresholds apply to gifts and inheritances taken on or after today. In the case of an inheritance, where the date of death is before today, th...
purposes to be repurposed as retirement savings in the event those funds are not needed for education after all. However, for a small cross-section of higher-net-worth families, this new technique could be used to 'prime the retirement pump' for children, grandchildren, and other ...
trust is that you are not only able to remove all your assets from your estate with no estate tax upon your death, but you are also while alive able to care for you spouse and still live very comfortably even though you have given all your assets to your children and grandchildren. This...